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BVNK is live as an e-money institution in Europe, boosting B2B payments

Our Electronic Money Institution (EMI) licence is now live in Europe, so we can better support our customers and scale faster.

By
Maxim Ivanov
Mar 21, 2024
4 min read

After months of work across our business, we’re excited to share that our EMI licence in Europe is live and operational. 

Over the past year, we’ve successfully acquired and operationalised System Pay Services (Malta) Limited, our EU EMI entity in Malta, and taken live our UK EMI. Because of this, we can now offer enhanced B2B payment services for EUR and GBP, work more efficiently and better support our customers.

The B2B payments industry is worth around $113 trillion and is predicted to reach $137 trillion by 2027. Businesses are growing across borders, and they need the ability to pay and be paid globally too. With our modern payments platform, BVNK unifies banks and blockchains so businesses can send and receive payments in any currency, digital or fiat. 

Now, as a fully licensed electronic money institution in both Europe and the UK , we can provide named vIBANs in EUR and GBP, and enable fast access to UK and Europe’s payment schemes (SEPA, SEPA Instant, CHAPS, and Faster Payments), so our merchants can easily pay, and receive payments from, suppliers and partners.

While we’ve previously worked with trusted partners to deliver these services, as an EMI we can do so directly. For our customers, this comes with important benefits. It means we can simplify the way we bring onboard businesses, and resolve payment queries faster. It also means we’re better placed to cater for a wider range of customer needs, such as higher value transactions.

Going forward, we can also innovate at a greater pace – for example, adding new currencies or payment schemes quickly, as needed by our merchants.

As an EMI, BVNK ensures that 100% of client e-money funds are segregated and safeguarded, in line with regulatory requirements.

Getting started with BVNK

Learn more about BVNK virtual accounts for EUR and GBP, or get started. We're here to guide you every step of the way.

FAQs

What is an EMI?

An EMI, or an electronic money institution, is a type of financial institution that facilitates e-money transactions. As an EMI, BVNK provides services related to e-money transactions, including multi-currency vIBAN accounts in EUR and GBP that allows merchants to send, and receive payments via the most popular payment schemes in Europe. You can access it through BVNK’s multi-currency payments platform or API.

The EMI Accounts are offered by the BVNK Group entities, System Pay Services Limited, authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Ref: 901057) and System Pay Services (Malta) Limited, authorised and regulated by the Malta Financial Services Authority.

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